Rebuilding its once extensive Chinese network of offices, Citicorp has purchased nearly 5,500 square feet of prime space in the city's historic financial center for $2.2 million from Bund Co. of Shanghai, the bank said in a release.

Kenneth Liu, Citicorp's head of development for the Asia Pacific region, said the location on the ground floor of the Peace Hotel may be converted from a consumer banking office into a branch.

Citicorp opened its first office in China in 1902 and operated 14 branches in nine cities before the Communist takeover in 1949. The bank has branches in Shanghai, Beijing, and Shenzhen and representative offices in Guangzhou and Xiamen.

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